The City’s development team has been talking to Summit Group. This is the company that rehabilitated a 950,000 sq. ft. vacant industrial property on Hall Street — a property now more than 95 percent occupied by expanding local companies, relocating regional companies, and companies new to St. Louis. (Summit’s success with this property demonstrates that there is a great market on the North Riverfront for light industrial space. I expect other savvy companies to follow Summit’s lead.)
Now, Summit is proposing an even more ambitious kind of project: the rehabilitation of a long-neglected property on the northeast corner of Jefferson and Chouteau as a LEED-certified platinum renovation. As it did with the Hall Street buildings, Summit plans to strip the building down to its bare structure and rebuild it. Although the plans are still in a preliminary design stage (and there will have to be discussions with the neighborhood group and elected officials), the reconstructed property is expected to feature solar collectors and wind turbines to create its own energy and other energy-efficient features, as well as on-site stormwater retention. Summit’s execs believe, as do I, that more and more real estate consumers are interested in energy efficient and sustainable construction.
I am pleased to see that commercial developers are responding to the challenge of creating sustainable environments, and that consumers are expressing their desire for these types of cutting-edge construction.